Mortgage
A loan secured against property, giving the lender rights over the property if the borrower does not meet the agreed obligations.
Related terms
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Commercial mortgage
A loan secured against commercial property, such as offices, shops, industrial units or investment premises.
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Mortgage lender
The bank, building society, fund or other creditor that provides a mortgage and holds security over the property.
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Repayment mortgage
A mortgage where regular payments are designed to cover both interest and capital so the loan reduces over the term.
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